As an update to the proposed initial public offering by MTN Nigeria, the country’s largest mobile carrier with about 50 million subscribers, there is an indication of how much it plans to raise.

According to sources not named by Bloomberg, the mobile carrier will look to raise about $500 million through the crucial IPO.

This is approximately N153 billion in local currency.

It would be recalled that PageOne.ng reported yesterday that MTN Nigeria has started rolling out plans in its boardroom on how to execute the IPO as soon as possible. America-based CitiGroup is advising the company.

The need to list on the Nigerian Stock Exchange is not only helpful to the mobile carrier that is just recovering from several months of heavy losses.

It would also be recalled that MTN Group posted its first-year full loss for 2016 last year after it factored-in the N330 billion fine in Nigeria and a heavy impairment it suffered after it deactivated over 5 million subscribers in Nigeria.